Aboki Naira To Dollar Black Market Rate Today 17th January 2025

The Nigerian Naira has seen a slight depreciation in the parallel market, also known as the black market, against the US Dollar today, January 17, 2025. According to recent updates, the buying rate for the US Dollar has been reported at N1,670, while the selling rate stands at N1,680. This marks a noticeable shift from the rates observed over the past few days, reflecting ongoing volatility in the foreign exchange market.

The parallel market has been a significant indicator for Nigerians, often providing rates that differ substantially from the official exchange rates set by the Central Bank of Nigeria (CBN). This disparity continues to affect everyday transactions, import costs, and the general economic sentiment among the populace.

The slight depreciation today follows a trend of the Naira oscillating. Recent posts on social media platforms indicate that the Naira traded at N1,655 for buying and N1,665 for selling just two days ago. This fluctuation underscores the pressures on Nigeria’s currency due to various factors, including supply and demand dynamics, government policy changes, and global economic conditions.

Despite the CBN’s efforts to stabilize the Naira through forex policy adjustments, the black market continues to serve as a barometer for its real-time value, highlighting the challenges in managing currency valuation in a complex economic landscape.

The current rates in the black market also reflect broader economic trends. Inflation rates in Nigeria are soaring, impacting Naira’s purchasing power. President Tinubu‘s administration has committed to reducing inflation from 34.6% to 15% by the end of 2025, a goal remains under scrutiny as economic policies and market realities continue to diverge.

For those looking to exchange currency, the advice remains to stay informed through multiple sources, including checking rates from various Bureau De Change (BDC) operators and being aware of the official rates published by the CBN. The black market’s rates are susceptible to the availability of foreign currency, with many Nigerians turning to this market for transactions due to restrictions or delays in the official channels.

Today’s exchange rates in the black market are as follows:

• US Dollar (USD): Buy – N1,670, Sell – N1,680
• British Pound (GBP): Buy – N2,055, Sell – N2,075
• Euro (EUR): Buy – N1,680, Sell – N1,700

These rates are subject to change and may vary slightly depending on the location and specific dealers in the parallel market.